11. Cash and cash equivalents This caption includes the present cash amount on hand, invested at market rates, broken down as follows: (in thousands of Euros)
31.12.2008
31.12.2007
Bank and postal accounts
154,959
165,639
Term deposits
156,158
203,100
217
2,526
1,232
3,959
312,566
375,224
Cheques Cash and cash equivalents Total
Term deposits of € 156.2 million (31 December 2007: € 203.1 million) are due within two months. Bank and postal accounts and term deposits bear market interest rates. Cash pooling arrangements are in place within the group.
Notes to the main liabilities captions 12. Equity Equity items and related changes are described below: Share capital - At 31 December 2008, the fully subscribed and paid up share capital is divided into 10,000,000 ordinary shares with a nominal value of € 1 each. It amounts to € 9,500,000, net of the nominal amount of the treasury shares, broken down as follows:
106/107
(in thousands of Euros)
31.12.2008
Share capital subscribed and paid up
10,000
Nominal value of treasury shares in portfolio
(500)
Share capital at 31.12.08
9,500
Reserves - They may be analysed as follows: (in thousands of Euros) Revaluation reserves Legal reserve Statutory reserves
31.12.2008
31.12.2007
342
342
2,000
2,000
590
590
Extraordinary reserve
474,391
494,389
Translation reserve
(24,858)
(22,896)
Fair value reserve Other
16,441
(6,720) 14,642
468,906
482,347
Share premium on the net amount of treasury shares in portfolio
(174,500)
(174,500)
Total
294,406
307,847
Revaluation reserves - At 31 December 2008, they totalled € 342 thousand as required by Law no. 72/1983. The translation reserve comprises the differences arising from the application of different exchange rates to the balance sheet and income statement during translation of financial statements of non-Euro zone foreign subsidiaries into Euros.